The Annual General Meeting of the above company was held at 13a Canton Road on Tuesday afternoon: There were present: Mesars R. Macgregor (Chairman) J. A. Wattie and King Chun-kee (Directors) E. Hooper, 8. B. Neill, Chu San-ko and C. Rieveley (Secretary and Manager.)
The notice convening the meeting was read.
The Chairman.—Gentlemen: Your directors have great pleasure in submitting the report for the company's fifth year, which ended on February 29, 1908, and s the printed report and statements of accounts hare been in your hands for some days I will, with Your permission, take them as read. You will notice that the working sccount for the past year shows a nett credit balance of Tls. 49,068.37, as compared with Tls. 46,518.30 for the previous year, or an increase of some Tls. 2,500, which I think you must factory. The commissions earned and profits on sales of properties are not quite as large as last year, but this I pat down to want of activity in the real estate market consequent on the depression existing in all kinds of business. The amount collected for rents is mach larger, notwithstanding that we have had, like other property owners, to suffer from vacant Chinese houses. The prospects for the coming' year are already showing signs of improvement, and with the aid of our active Secretary and General Manager, hope to present next year an even more. satisfactory report. There is one thing' which perhaps does not come well from me, but as the Company is now doing well I think that your directors are entitled to some small remuneration for their services. I would suggest that Tls. 300: be appropriated, and I shall presently ask one of you to propose a resolution to that effect. If you have any questions to ask, I shall be pleased to answer them to the best of my ability.
As there were no questions the following resolutions were put and carried nem. com.
Proposed by the Chairman, seconded by Mr. Wattie: That the Report and Accounts as presented, be accepted and Proposed by Mr. Wattie, and seconded $4, by Mr. Hooper: That Mr. King Chun-kee be re-elected a director.
Macgregor and That Messrs. A.
R. Leake & Ca. be elected auditors for the corrent year. Proposed by the Chairman, seconded by Mr. Wattie That the credit balance of Tls. 49,068.37 be appropriated as follows: dividend of ten per cent on Capital, Tls. 34,925.00. Write off goodwill Tls. 11,000.00 carry forward to new account Tls. 3,143.37: Total Tls. 49,068.37.
Proposed by Mr. Hooper, seconded by Mr. Neill: that the directors receive Tls. 300 as remuneration for their services.
The Chairman announced that dividend warrants would be posted to shareholders in due course.
The meeting terminated with a vote of thanks to the Chairman.
CENTRAL STORES,
Text read from the printed page and cleaned; old type leaves the occasional error.